As buyers shy away from Russian oil, security concerns are reshaping global economy Shortly after Canada and other Western democracies announced sanctions on Russia, the world heard a frightening warning about the impact they would have — not just on Russia, but on the global economy. The warning came from Russia's deputy prime minister, Alexander Novak, and its focus was the world price of oil. "It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Novak said in a televised statement. "The surge in prices would be unpredictable," he warned. "It would be $300 per barrel, if not more." As the North American price of oil fell back to about $100 this week, it was easy to scoff at the Russian official's alarmist warning. But while there are good reasons that oil prices above $300 US are not in the cards, the invasion of Ukraine has set in motion a series of events that will l...
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